Ethereum ETFs Break Record With $332 Million Inflows

On Friday, Ethereum ETFs outperformed Bitcoin ETFs in net flows for the first time ever.

According to data provided by Farside, Ethereum ETFs have shown $332 million in net inflows on Nov. 29.

Source: Farside

Bitcoin ETFs, on the other hand, have shown net inflows of only $320 million on the same date.

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This marks a significant milestone for the Ethereum adoption by institutional investors.

The profitability of Ethereum (ETH) has surged to levels not seen since June, with 90.8% of ETH holders now in profit, according to data from IntoTheBlock.

Related Thu, 11/28/2024 - 13:33 Ethereum (ETH) Holders Have Rarely Been This Profitable: All-Time High Next?

The ETH price reacted with a massive surge, topping the $3,660 level. At press time, the Ethereum price is traded at $3,688, undergoing a minor correction.

Source: CoinMarketCap Ethereum price prediction

The $3,800 resistance level is crucial for the ETH price. If breached, Ethereum could test $4,000, potentially triggering significant short liquidations that might fuel further gains.

Related Fri, 11/29/2024 - 09:30 Ethereum (ETH) $4,000 Surge to Erase Almost $1 Billion

As Ethereum approaches $4,000, rising volatility increases the likelihood of a substantial price squeeze. While this could propel ETH higher, market reactions to liquidation levels may lead to sharp swings in either direction, making caution essential.